I don’t believe that it’s going to pass, the way it’s written. I hope not,” Shelby said in response to questions at an American Bankers Association forum. Shelby said it was unclear what would happen over the next few weeks. “We might have a 180 degree turn, we might be able to negotiate a good bill, on the other hand we might not,” he said.

Mark-up of Dodd’s bill, Restoring American Financial Stability Act of 2010, is scheduled to begin March 22.

Shelby said he was amenable to negotiating with Democrats. “I always keep the door open, but it may not be open very wide,” the senator said. He stressed that ending the concept of too-big-to-fail remains the number one priority of Republicans on the committee. Shelby noted that he would support legislation that is good for the economy and the banking system, but “we haven’t seen it yet.

Meanwhile, House Majority Leader Steny Hoyer told the forum that he believes financial reform legislation will clear the Senate, go to conference with the House version, and ultimately pass by October 3.